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CIBC’s bid for PrivateBancorp; Chip Wilson’s war of words; TD’s proxy fight Add to ...

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Canadian Imperial Bank of Commerce is sweetening its bid to acquire PrivateBancorp Inc. by 20 per cent, as a rally in U.S. bank stocks fuelled by the U.S. election forges ahead.

The amended merger agreement values PrivateBancorp at $6.6-billion, or $60.92 (U.S.) per share. Equity analysts expected that CIBC would have to bolster its offer, but many on Bay Street will wonder whether the Canadian lender is now paying too much to seal the deal.

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